An Acuris Company

An Acuris report on global M&A activity

Q1 2018 Monthly M&A Insider

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 2 Contents

An Acuris report on global M&A activity

Contents

Global Overview 4 US & Canada 12 Central & South America 19 Europe 26 Middle East & Africa 33 Asia-Pacific (excluding Japan) 40 Japan 47 League Tables 54

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 3 Welcome

Welcome from Merrill Corporation

The Monthly M&A Insider explores the global There was one slight cause for caution in the E.ON, in a further shakeup of the German M&A market with respect to the numbers, quarterly deal totals. After a years-long trend utilities market amid a push by the government movements, and trends, as well as revealing of cross-border M&A rising continuously in to decrease reliance on fossil fuels and move the top financial and legal advisors – globally value as the world economy becomes more to renewables instead. and across six regions (North America, Central integrated, cross-border value actually fell by Entering the second quarter of the year, Shelle Martin and South America, Europe, Middle East and more than 20% in Q1 2018. Increasing barriers equity prices have been in flux worldwide but Sr. Director, Africa, Asia-Pacific, and Japan). to trade, especially between China and the US, dealmaking appears to be continuing unabated. DatasiteOne have undoubtedly contributed to this decline. In many ways, the first quarter of 2018 was We’ll be tracking the movements of acquirers At the same time, a 53% rise in domestic M&A highly auspicious for global M&A. The total as they react to these shifts in the market. more than made up for the drop in cross-border M&A value of US$890.6bn was the most for deals. Eight of the top ten deals in the quarter any Q1 since Mergermarket began tracking were between companies in the same country. deals in 2001. An outburst of megadeals in Sincerely, March – there were eight transactions valued In the wake of historic tax cuts in the US, Shelle Martin at US$10bn or more in the month and 15 North America retained its status as the top Sr. Director deals over US$5bn – helped drive this total. destination for deals. Just under 50% of all M&A The top deal saw further consolidation in value in the quarter was from deals for North the US healthcare industry, with insurance American targets. Europe held onto second giant Cigna paying US$67.8bn for pharmacy place with 29% of value and Asia-Pacific benefit manager Express Scripts Holding. (excluding Japan) had nearly 17%. International acquirers are paying ever greater attention to The private equity industry also continued Asian targets, but the region still lags when it its torrid pace of dealmaking in Q1. Financial comes to inbound megadeals – it had none of buyers are increasingly super-sizing their the top 10 deals by value for the quarter. acquisitions in order to expand their pool of targets and put dry powder to work. In the The Energy, Mining & Utilities sector largest deal of the quarter, PE mainstay the demonstrated its enduring importance to the Carlyle Group teamed up with Singaporean economy in having the highest M&A value of sovereign wealth fund GIC Private Limited to any industry in Q1, a position it often holds on pay a stunning US$12.5bn for the specialty an annual basis as well. The utilities sub-sector chemicals business of Netherlands-based Akzo contributed the largest portion of the total in Nobel. The acquirers won the deal over fellow Q1 2018, with two deals of US$14bn or more in blue chip PE firms Apollo Global Management, value. These included the US$46.6bn takeover Bain Capital and Advent International. of German electricity provider Innogy by rival

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 4 Global Overview

An Acuris report on global M&A activity

Global Overview

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 5 Global Overview

Global Overview

Further information The ongoing disparity between volume and The second largest deal of the year was by with the same quarter in 2017. By contrast Get in touch or read more value in global M&A was once again on display contrast European and in the Energy, Mining Business Services (US$128.1bn), Industrials in Q1 2018. The first three months of the year & Utilities (EMU) sector – E.on’s proposed & Chemicals (US$122.5bn) and Technology saw US$890.6bn in deals come to market. US$46.6bn acquisition of green-energy (US$80.4bn) all grew year-on-year (YoY) Tom Davidson That figure is not only up 18% on Q1 2017, but business Innogy. The acquisition, announced by value. is the strongest start to the year since 2001 on March 12, represents the latest turmoil in Another interesting trend for these three when Mergermarket records begin. Deal count, the German utilities sector as changes in the Aram Hovsepian months was the dramatic growth of domestic however, suffered a nearly equal year-on-year regulatory environment to favor renewable deals. After a difficult 2017, domestic trades decline as the first three months of the year energy instead of nuclear and fossil fuels globally went up 53% YoY, even as cross- saw just 3,774 deals. That figure is down 19% on continue to reverberate. border deals declined 21.2%. In North Q1 2017, and is the weakest quarter since 2013. The third largest acquisition was also a America, the surge of domestic activity is This value/volume dynamic was true for every European deal as the eight-month battle for usually attributed to cash-rich corporations region except the Middle East and Africa in control of Spanish toll-road operator Abertis thanks to the combined effects of the Trump Q1, with North America, Europe, Asia-Pacific Infraestructuras finally ended on March 23. administration boosting company income from (excluding Japan), Central & South America, The new US$39.6bn deal will see former tax cuts while also encouraging repatriation and Japan all showing the same pattern of rival bidders ACS, Atlantia and Hochtief join of foreign capital. Strong domestic activity increases in value but decreases in volume. together to purchase Abertis through a new was also seen in China, perhaps reflecting the hold-co structure. lingering effect of the Chinese government The driving force behind the divergence was frowning on cross-border deals in 2017. a bumper batch of megadeals, especially in The rest of the top 10 deals table included March. The largest deal of the quarter was four more US domestic deals along with Despite all the talk of corporations with deep US health insurance giant Cigna’s US$67.8bn a Brazilian industrial merger in the paper pockets, the private equity market also found purchase of pharmacy benefit manager industry, the purchase of Bermudan plenty to buy. Private equity buyouts stood at Express Scripts on March 8. The deal falls into insurance company XL Group by French 699 deals worth $113.6bn, up 27% by value on a pattern of consolidation in the healthcare rival Axa and a second healthcare deal as Q1 2017, another first quarter record. Private sector (last quarter saw a very similar merger Novartis sold its minority stake in UK-based equity exits were more muted at US$79.6bn between health insurer Aetna and CVS Health) GlaxoSmithKline Consumer Healthcare. spread over 470 deals, down 10% YoY. as a response to rising healthcare costs. The EMU remained the top sector for the first Cigna/Express Scripts deal also comes hot on quarter with 296 deals valued at US$169.3bn, the heels of Amazon’s proposed entry into the although that represented a 5.3% fall compared healthcare market.

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 6 Global Overview

Top Financial Advisor 3,774 deals Goldman Sachs & Co valued at US$890.6bn, up 18% by value ranked first with 76 deals worth US$268.3bn, with 898 fewer deals compared to 4,672 up 27.7% in value with 5 fewer deals compared deals worth US$754.7bn in Q1 2017. to 81 deals worth US$210.1bn in Q1 2017.

Top Legal Advisor Top Sector Skadden Arps Slate Energy, Mining Meagher & Flom & Utilities ranked first with 47 deals worth US$193.7bn, up 24.2% in value with 11 fewer deals compared saw 296 deals valued at US$169.3bn, down to 58 deals worth US$156bn in Q1 2017. 5.3% by value with 98 fewer deals compared to 394 deals worth US$178.3bn in Q1 2017.

Mergermarket.commergermarket.com Mergermarket Monthly M&A Insider Q1 2018 7 Global Overview

Global M&A trend Global private equity trend

4,000 20,000 600 3,500

18,000 3,500 3,000 US$ 500 1,200 16,000

3,000 US$ 14,000 827.2 US$ US$ 2,500 1,029.5 900.2 400 2,500 12,000 Number of deals Number of deals US$ 2,000 873.1 2,000 US$ 10,000 US$ US$ 300 571.6 861.2 US$ 726.8 US$ US$ US$ Value (US$bn) Value Value (US$bn) Value 870.4 536.3 536.9 US$ 521.7 1,500 8,000 490.7 1,500 US$ 453.3 US$ US$ US$ US$ 416.3 658 US$ 200 407 401.6 1,040.3 6,000 US$ 798 1,000 1,000 US$ US$ US$ 964.9 US$ 739.2 298.8 295.2 4,000 US$ 561.7 100 500 500 US$ 2,000 US$ US$ 890.6 US$ US$ 762.3 US$ 754.7 113.6 US$ US$ 568.5 626.4 79.6 446.7 0 0 0 0 2013 2014 2015 2016 2017 YTD 2018 2013 2014 2015 2016 2017 YTD 2018

Q1 value Q3 value Volume Buyout value Buyout volume Q2 value Q4 value Exit value Exit volume

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 8 Global Overview

Regional Trends

Energy, Mining & Utilities Value: US$169.3bn Number of deals: 296 Market share: 19%

Business Services C&S America Asia-Pacific Value: US$128.1bn North America US$26.3bn Number of deals: 508 (excluding Japan) Market share: 14.4% US$435bn 126 deals US$149.2bn 3% Industrials & Chemicals 1,281 deals 788 deals Value: US$122.5bn 16.8% Number of deals: 767 48.8% Market share: 13.8%

Technology Value: US$80.4bn Number of deals: 556 Market share: 9%

Consumer Middle East Europe Value: US$78.4bn and Africa Number of deals: 407 Japan US$14.7bn US$256.4bn Market share: 8.8% US$9bn 66 deals 104 deals 1,409 deals 1.6% 1% 29%

Domestic US$610.3bn -21.2% Cross-border US$280.4bn +53%

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 9 Global Overview

Top deals

Top 10 Announced Deals for Q1 2018

Value (US$m) Deal details Advisor details

Announcement Target Bidder Dominant sector Sell-side Buy-side date

67,899 8-Mar-18 Express Scripts Holding Cigna Corporation Business Services FA: Centerview Partners; and Lazard FA: Morgan Stanley Company LA: Skadden Arps Slate Meagher & Flom (Advising FA: Cravath LA: Paul Weiss Rifkind Wharton & Garrison; and Wachtell Lipton, Rosen & Katz Swaine & Moore)

46,646 12-Mar-18 Innogy SE E.ON SE Energy, Mining & Utilities FA: Bank of America Merrill Lynch; Citi; Goldman Sachs & Co; FA: BNP Paribas; and Perella Weinberg Partners and Rothschild LA: Linklaters (Advising FA: Allen & Overy; and Milbank Tweed Hadley & LA: Freshfields Bruckhaus Deringer; and Hengeler Mueller McCloy)

39,622 23-Mar-18 Abertis Infraestructuras SA Consortium formed by Construction FA: AZ Capital; Citi; Deutsche Bank; Morgan Stanley FA: Bank of America Merrill Lynch; Credit Suisse; Goldman Sachs & Co; ACS SA, Atlantia SpA and LA: Garrigues; Legance Avvocati Associati; Uria Menendez JPMorgan; Key Capital Partners; KPMG; Lazard; Mediobanca; PwC; Santander Hochtief AG (Advising FA: Davis Polk & Wardwell); and Herbert Smith Freehills Global Corporate Banking; and Societe Generale LA: Allen & Overy; Baker McKenzie; BonelliErede; DLA Piper; Freshfields Bruckhaus Deringer; Gianni Origoni Grippo Cappelli & Partners; and Linklaters

26,631 26-Mar-18 General Growth Properties Inc Brookfield Property Real Estate FA: Citi; and Goldman Sachs & Co FA: Bank of America Merrill Lynch; Deutsche Bank; and Morgan Stanley (65.86% stake) Partners LP LA: Simpson Thacher & Bartlett; and Sullivan & Cromwell LA: Goodwin Procter; Torys; and Weil Gotshal & Manges

23,131 29-Jan-18 Dr Pepper Snapple Group Inc Keurig Green Mountain Inc Consumer FA: Credit Suisse FA: AFW; Bank of America Merrill Lynch; BDT & Company; Goldman Sachs & LA: Morgan Lewis & Bockius (Advising FA: White & Case) Co; and JPMorgan LA: Clifford Chance; McDermott Will & Emery; and Skadden Arps Slate Meagher & Flom (Advising FA: Weil Gotshal & Manges)

17,000 30-Jan-18 Thomson Reuters Corporation Blackstone Group LP; GIC Business Services FA: Centerview Partners; Guggenheim Partners; Lazard; and FA: Bank of America Merrill Lynch; Canson Capital Partners; Citi; Goldman (Financial & risk business) Private Limited; and Canada TD Securities Sachs & Co; JPMorgan; and Morgan Stanley (55% stake) Pension Plan Investment LA: Norton Rose Fulbright; Torys; and Wachtell Lipton Rosen & Katz LA: Dechert; Osler Hoskin & Harcourt; Shardul Amarchand Mangaldas & Co; Board (Advising FA: Gibson Dunn & Crutcher) Simpson Thacher & Bartlett; and Weil Gotshal & Manges

15,326 16-Mar-18 Fibria Celulose SA Suzano Papel e Celulose SA Industrials & Chemicals FA: Bank of America Merrill Lynch; and Morgan Stanley FA: Banco Itaú BBA LA: Mattos Filho Veiga Filho Marrey Jr e Quiroga Advogados; and LA: Cescon, Barrieu Flesch & Barreto Advogados Tozzini Freire Teixeira e Silva Advogados (Advising FA: White & Case)

14,843 5-Mar-18 XL Group Ltd AXA SA Financial Services FA: Ardea Partners; and Morgan Stanley FA: JPMorgan LA: Skadden Arps Slate Meagher & Flom (Advising FA: Cleary Gottlieb LA: Bredin Prat; Cravath Swaine & Moore; and Debevoise & Plimpton Steen & Hamilton); and Willkie Farr & Gallagher (Advising FA: Clifford Chance)

14,303 3-Jan-18 SCANA Corporation Dominion Energy Inc Energy, Mining & Utilities FA: Morgan Stanley; RBC Capital Markets FA: Credit Suisse LA: Mayer Brown; Morgan Lewis & Bockius; White & Case; Willoughby LA: McGuireWoods; and Morgan Lewis & Bockius (Advising FA: Latham & & Hoefer; and Womble Bond Dickinson (Advising FA: Kirkland & Ellis) Watkins)

13,039 27-Mar-18 GlaxoSmithKline Consumer GlaxoSmithKline Plc Pharma. Medical & FA: Goldman Sachs & Co FA: Citi; Greenhill & Co; and JPMorgan Cazenove Healthcare (36.5% stake) Biotech LA: Freshfields Bruckhaus Deringer LA: Kirkland & Ellis; and Slaughter and May (Advising FA: Herbert Smith Freehills)

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 10 Global Overview

League tables

Top 10 Financial Advisors - Value Top 10 Financial Advisors - Volume

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 2018 Q1 2017 Company name Value Deal count Value % Value Q1 2018 Q1 2017 Company name Value Deal count Deal count Deal count (USD m) (USD m) change (USD m) change

1 1 Goldman Sachs & Co 268,387 76 210,106 27.7% 1 4 Goldman Sachs & Co 268,387 76 81 -5

2 5 Morgan Stanley 267,633 59 148,381 80.4% 2 5 Deloitte 6,211 71 81 -10

3 2 JPMorgan 240,253 68 163,179 47.2% 3 9 JPMorgan 240,253 68 61 7

4 6 Bank of America Merrill Lynch 223,539 46 132,210 69.1% 4 2 PwC 41,481 68 101 -33

5 3 Citi 220,536 56 153,810 43.4 5 1 KPMG 43,089 60 105 -45

6 4 Lazard 183,020 44 152,064 20.4% 6 7 Morgan Stanley 267,633 59 65 -6

7 12 Credit Suisse 124,207 33 65,620 89.3% 7 6 Rothschild 91,867 59 68 -9

8 10 Centerview Partners 109,147 13 81,122 34.5% 8 3 EY 11,204 58 94 -36

9 9 Rothschild 91,867 59 81,643 12.5% 9 10 Citi 220,536 56 58 -2

10 11 Barclays 72,096 45 78,871 -8.6% 10 12 Bank of America Merrill Lynch 223,539 46 43 3

Top 10 Legal Advisors - Value Top 10 Legal Advisors - Volume

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 2018 Q1 2017 Company name Value Deal count Value % Value Q1 2018 Q1 2017 Company name Value Deal count Deal count Deal count (USD m) (USD m) change (USD m) change

1 2 Skadden Arps Slate Meagher & Flom 193,721 47 156,006 2,420% 1 2 Kirkland & Ellis 67,270 112 112 0

2 9 Freshfields Bruckhaus Deringer 140,975 45 83,139 6,960% 2 6 Jones Day 26,797 91 91 0

3 1 Cravath, Swaine & Moore 116,176 15 162,166 -2,840% 3 1 DLA Piper 54,861 79 142 -63

4 17 Paul Weiss Rifkind Wharton & Garrison 115,057 36 53,090 11,670% 4 5 Goodwin Procter 38,296 75 92 -17

5 18 Linklaters 111,780 29 52,773 11,180% 5 3 Latham & Watkins 54,901 71 99 -28

6 7 Davis Polk & Wardwell 109,246 38 106,796 230% 6 10 Allen & Overy 101,891 50 67 -17

7 19 Clifford Chance 104,855 38 47,098 12,260% 7 4 Baker McKenzie 61,220 48 92 -44

8 27 Allen & Overy 101,891 50 30,435 23,480% 8 12 Skadden Arps Slate Meagher & Flom 193,721 47 58 -11

9 21 Wachtell, Lipton, Rosen & Katz 98,457 16 46,213 11,310% 9 23 Freshfields Bruckhaus Deringer 140,975 45 41 4

10 5 Simpson Thacher & Bartlett 97,392 32 112,781 -1,360% 10 11 Weil Gotshal & Manges 63,490 44 59 -15

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An Acuris report on global M&A activity

US & Canada

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US & Canada

Further information The US and Canada combined for 1,275 deals deals was the US$14.3bn acquisition of Scana Beyond buyouts, PE exits witnessed a similar Get in touch or read more worth US$412.2bn in Q1 2018, representing Corporation by Dominion Energy, which proved decline, falling slightly year-over-year in the a 17.4% surge in value but a decline of 317 to be the sixth largest deal of the quarter in US and Canada to 243 exits worth US$48.6bn deals versus the first quarter of last year (1,592 the US and Canada. The stock-for-stock deal in Q1 2018. Ryan Pasquale deals, US$351bn). This represented the lowest gives Virginia-based Dominion a larger electric volume total for a Q1 since 2013, however value and natural gas presence in the Southeast reached the highest total on Mergermarket thanks in part to the acquisition of South Philip Segal record (since 2001). While the US experienced Carolina Electric & Gas Company (SCE&G), a decrease in overall deals and an increase a Scana subsidiary. In all, Dominion will now in value (1,228 deals, US$396.4bn), Canada claim 6.5 million electric and natural gas witnessed the opposite on its way to recording customers across eight states. 136 deals for US$18.3bn. Another noteworthy Q1 transaction was seen Business Services prevailed as the leading in Real Estate, which earned a spot in the top sector by deal value for Q1, thanks in large part five sectors by value because of Brookfield to the blockbuster US$67.8bn acquisition of Property Partners’ acquisition of a 65.86% pharmacy benefit manager Express Scripts stake in General Growth Properties. Brookfield’s by health insurer Cigna. The cash and stock US$26.6bn investment gives it access to transaction is the latest in a string of pharmacy General Growth’s large portfolio of shopping benefit manager (PBM) acquisitions in the center assets in the US, while General Growth healthcare space, including the US$69bn can now source larger-scale capital from tie-up between CVS Health (which owns Brookfield for potential future projects. Caremark) and Aetna in December 2017. Private equity buyouts declined by value and According to Mergermarket intelligence, these volume year-over-year in Q1 2018, registering types of megadeals will likely create a follow-on 258 buyouts worth US$36.8bn. The highest effect that will push other healthcare players profile of these was the purchase of a 55% into acquiring smaller PBMs in the near future. stake in Thomson Reuters’ financial & risk Overall, Business Services saw 231 fewer deals business by a consortium including Blackstone than in Q1 2017, but its total value rose 590% to Group, GIC, and the Canada Pension Plan US$117.3bn, over half of which came from the Investment Board. Valued at US$17bn, the aforementioned Cigna-Express Scripts deal. investment aims to accelerate the financial Energy, Mining & Utilities claimed second place & risk business’s growth in its offerings of by value for Q1, witnessing US$67.8bn in value fundamentals, estimates, and primary and from 123 deals. The largest of the sector’s secondary research to financial professionals. mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 14 US & Canada

Top Financial Advisor 1,275 deals Morgan Stanley valued at US$412.2bn, up 17.4% by value ranked first with 41 deals worth US$197.8bn, with 317 fewer deals compared to 1,592 up 86% in value with 4 fewer deals compared deals worth US$351.1bn in Q1 2017. to 45 deals worth US$106.4bn in Q1 2017.

Top Legal Advisor

Top Sector Skadden Arps Slate Business Services Meagher & Flom saw 198 deals valued at US$117.3bn, up 590% ranked first with 40 deals worth US$179.6bn, by value with 33 fewer deals compared to up 31.7% in value with 9 fewer deals compared 231 deals worth US$17bn in Q1 2017. to 49 deals worth US$136.4bn in Q1 2017.

Mergermarket.commergermarket.com Mergermarket Monthly M&A Insider Q1 2018 15 US & Canada

US & Canada M&A trend US & Canada Private equity trend

2,000 7,000 300 1,400

1,800 6,000 1,200 250 1,600 US$ 526.1

5,000 1,400 1,000

US$ 200 US$ 513.5 375.1 1,200 US$ Number of deals 398.2 4,000 Number of deals US$ 800 472.6 1,000 US$ 150 296 US$ US$ Value (US$bn) Value Value (US$bn) Value 3,000 270 US$ 456.3 US$ US$ US$ 600 800 249.9 US$ 437.4 312.5 252.6 247.1

US$ 100 204 600 US$ 2,000 US$ US$ 512.9 US$ US$ 171.4 174.4 400 338.5 US$ 162.5 US$ 321.8 US$ 157 US$ US$ 145.2 400 415 342

US$ 1,000 50 194 200 200 US$ US$ US$ 412.2 US$ 367.3 US$ US$ 351.1 US$ 48.6 US$ 270.2 36.8 196.6 235.6 0 0 0 0 2013 2014 2015 2016 2017 YTD 2018 2013 2014 2015 2016 2017 YTD 2018

Q1 value Q3 value Volume Buyout value Buyout volume Q2 value Q4 value Exit value Exit volume

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 16 US & Canada

Regional Trends

Business Services Value: US$117.3bn Number of deals: 197 Market share: 28.5%

Energy, Mining & Utilities Value: US$67.8bn Number of deals: 123 Market share: 16.5%

US Canada Technology Value: US$48.3bn US$396.4bn US$18.4bn Number of deals: 267 1,228 deals 136 deals Market share: 11.7% Consumer 96.2% 3.8% Value: US$46.6bn Number of deals: 104 Market share: 11.3%

Real Estate Value: US$35.5bn Number of deals: 9 Market share: 8.6%

Domestic US$342.3bn +87.5% Inbound US$50.3bn -57.3% Outbound US$58.1bn -36.2%

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 17 US & Canada

Top deals

Top 10 Announced Deals for Q1 2018

Value (US$m) Deal details Advisor details

Announcement Target Bidder Dominant sector Sell-side Buy-side date

67,899 8-Mar-18 Express Scripts Holding Cigna Corporation Business Services FA: Centerview Partners; and Lazard FA: Morgan Stanley Company LA: Skadden Arps Slate Meagher & Flom (Advising FA: Cravath, Swaine LA: Paul Weiss Rifkind Wharton & Garrison; and Wachtell, Lipton, Rosen & Moore) & Katz

26,631 26-Mar-18 General Growth Properties Inc Brookfield Property Partners LP Real Estate FA: Citi; Goldman Sachs & Co FA: Bank of America Merrill Lynch; Deutsche Bank; and Morgan Stanley (65.86% stake) LA: Simpson Thacher & Bartlett; and Sullivan & Cromwell LA: Goodwein Procter; Torys; and Weil, Gotshal & Manges

23,131 29-Jan-18 Dr Pepper Snapple Group Inc Keurig Green Mountain Inc Consumer FA: Credit Suisse FA: AFW; Bank of America Merrill Lynch; BDT& Company; Goldman LA: Morgan Lewis & Blockius (Advising FA: White & Case) Sachs & Co; and JPMorgan LA: Clifford Chance; McDermott Will & Emery; and Skadden Arps Slate Meagher & Flom (Advising FA: Weil Gotshal & Manges)

17,000 30-Jan-18 Thomson Reuters Corporation Blackstone Group LP; GIC Business Services FA: Centerview Partners; Guggenheim Partners; Lazard; and TD Securities FA: Bank of America Merill Lynch; Canson Capital Partners; Citi; (Financial & risk business) Private Limited; and Canada LA: Norton Rose Fulbright; Torys; and Wachtell, Lipton, Rosen & Katz Goldman Sachs & Co; JPMorgan; and Morgan Stanley (55% stake) Pension Plan Investment Board LA: Dechert; Osler, Hoskin & Harcourt; Shardul Amarchand Mangaldas; Simpson Thacher & Bartlett; and Weil Gotshal & Manges

14,843 5-Mar-18 XL Group Ltd AXA SA Financial Services FA: Ardea Partners; and Morgan Stanley FA: JPMorgan LA: Skadden, Arps, Slate, Meagher & Flom (Advising FA: Cleary Gottlieb LA: Bredin Prat; and Cravath, Swaine & Moore (Advising FA: Clifford & Hamilton); and Wilkie Farr & Gallagher Chance)

14,303 3-Jan-18 SCANA Corporation Dominion Energy Inc Energy, Mining & Utilities FA: Morgan Stanley; and RBC Capital Markets FA: Credit Suisse LA: Mayer Brown; Morgan Lewis & Blockius; White & Case; Willoughby LA: McGuireWoods; and Morgan Lewis & Blockius (Advising FA: Latham & Hoefer; and Womble Bond Dickinson (Advising FA: Kirkland & Ellis) & Watkins)

11,099 22-Jan-18 Bioverativ Inc. Sanofi SA TMT FA: Guggenheim Partners; and JPMorgan FA: Lazard LA: Paul, Weiss Rifkind Wharton & Garrison; and Skadden Arps Slate LA: Weil Gotshal & Manges Meagher & Flom (Advising FA: Debevoise & Plimpton)

9,836 1-Mar-18 Microsemi Corporation Microchip Technology TMT FA: Qatalyst Group FA: JPMorgan Incorporated LA: O’Melveney & Myers (Advising FA: Paul Hastings) LA: Wilson Sonsini Goodrich & Rosati (Advising FA: Simpson Thacher & Bartlett)

9,679 12-Feb-18 CSRA Inc General Dynamics Corporation TMT FA: Evercore; Macquarie Group FA: Stone Key Partners LA: Paul Weiss Rifkind Wharton & Garrison (Advising FA: Alston & Bird); LA: Jenner & Block and Debevoise & Plimpton

9,481 28-Mar-18 RSP Permian Inc Concho Resources Inc Energy, Mining & Utilities FA: Perella Weinberg Partners FA: Morgan Stanley LA: Vinson & Elkins LA: Gibson Dunn & Crutcher; and Sullivan & Cromwell (Advising FA: Davis Polk & Wardwell)

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 18 US & Canada

League tables

Top 10 Financial Advisors - Value Top 10 Financial Advisors - Volume

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 2018 Q1 2017 Company name Value Deal count Value % Value Q1 2018 Q1 2017 Company name Value Deal count Deal count Deal count (USD m) (USD m) change (USD m) change

1 4 Morgan Stanley 197,813 41 106,378 86.0% 1 1 Goldman Sachs & Co 148,930 57 56 1

2 1 Goldman Sachs & Co 148,930 57 150,380 -1.0% 2 2 JPMorgan 145,750 45 45 0

3 2 JPMorgan 145,750 45 127,769 14.1% 3 3 Morgan Stanley 197,813 41 45 -4

4 3 Lazard 131,141 25 124,578 5.3% 4 6 Citi 94,682 38 34 4

5 7 Centerview Partners 102,371 11 81,122 26.2% 5 8 Barclays 45,360 35 30 5

6 8 Bank of America Merrill Lynch 100,144 28 78,384 27.8% 6 4 Houlihan Lokey 8,916 34 40 -6

7 6 Citi 94,682 38 87,499 8.2% 7 5 Evercore 27,923 31 35 -4

8 10 Credit Suisse 72,378 24 53,670 34.9% 8 16 Jefferies 17,198 30 22 8

9 11 Barclays 45,360 35 50,137 -9.5% 9 9 Bank of America Merrill Lynch 100,144 28 29 -1

10 5 Deutsche Bank 39,295 15 88,029 -55.4% 10 10 RBC Capital Markets 33,276 26 29 -3

Top 10 Legal Advisors - Value Top 10 Legal Advisors - Volume

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 2018 Q1 2017 Company name Value Deal count Value % Value Q1 2018 Q1 2017 Company name Value Deal count Deal count Deal count (USD m) (USD m) change (USD m) change

1 1 Skadden Arps Slate Meagher & Flom 179,625 40 136,389 31.7% 1 1 Kirkland & Ellis 55,641 99 101 -2

2 16 Paul Weiss Rifkind Wharton & Garrison 114,395 33 38,548 196.8% 2 5 Jones Day 24,810 71 66 5

3 3 Cravath, Swaine & Moore 112,936 14 123,860 -8.8% 3 3 Goodwin Procter 32,322 58 75 -17

4 14 Wachtell, Lipton, Rosen & Katz 98,457 15 43,198 127.9% 4 2 Latham & Watkins 48,477 56 75 -19

5 15 Sullivan & Cromwell 89,657 32 39,895 124.7% 5 6 Skadden Arps Slate Meagher & Flom 179,625 40 49 -9

6 4 Simpson Thacher & Bartlett 83,496 29 111,506 -25.1% 6 7 Weil Gotshal & Manges 58,130 36 47 -11

7 5 Davis Polk & Wardwell 65,424 31 102,240 -36.0% 7 10 Morgan Lewis & Bockius 52,837 34 40 -6

8 6 Weil Gotshal & Manges 58,130 36 86,908 -33.1% 8 9 Paul Weiss Rifkind Wharton & Garrison 114,395 33 43 -10

9 2 Kirkland & Ellis 55,641 99 133,212 -58.2% 9 25 Sullivan & Cromwell 89,657 32 25 7

10 72 Tor ys 55,234 11 5,218 958.5% 10 30 Davis Polk & Wardwell 65,424 31 22 9

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 19 C&S America

An Acuris report on global M&A activity

Central & South America

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 20 C&S America

C&S America

Further information Central & South America witnessed an Energy, Mining & Utilities placed second secured a 58.88% stake in Petrolera Entre Get in touch or read more increase in year-on-year deal value amid among sectors for Q1 through 15 deals worth a Lomas along with ownership stakes in various a decline in overall volume through Q1 combined US$4.4bn. This result can be largely Argentina-based oil blocks. 2018. The region’s 129 deals for US$26.4bn traced back to the quarter’s second largest Ryan Pasquale Following a robust Q4 to end 2017, private represented an 87.3% surge in value versus deal – Enel Chile’s US$3.2bn acquisition of the equity buyouts kept a relatively consistent pace the same period last year (US$14.1bn) amid remaining 40.02% stake in Enel Generación in the first quarter of 2018 with 12 transactions. 24 fewer deals. The result represents the Chile, part of a reorganization effort within Jonathan DelCegno The largest of these was GIC, the sovereign strongest Q1 performance by value for the company in effect since August 2017. wealth fund of the Government of Singapore, the region since 2011, when it recorded Other Brazilian targets featured prominently acquiring a 25% stake in Brazil-based telecom US$40.3bn over 165 deals. in the top 10 deals for the quarter as well. In and IT provider Algar telecom for US$196m. Brazil emerged as the region’s clear leader by January, China-based ride-hailing firm Didi Meanwhile, exits through Q1 kept pace relative both value and volume in Q1, as the country Chuxing Technology secured a 70% stake in to 2017 activity with a total of nine. claimed a 69.7% market share tied largely 99 Taxis Desenvolvimento de Softwares for to a domestic megadeal in the Industrials US$900m. Later that month, M. Dias Branco & Chemicals sector. Indeed, Suzano Papel SA Ind Com De Alimentos, a Brazil-based e Celulose’s acquisition of Fibria Celulose manufacturer of pasta and cookies, acquired from Votorantim and Banco Nacional de rival Industria de Produtos Alimentos Piraque Desenvolvimento Economico e Social fueled for US$492m. the Q1 surge in overall value through its Brazil was the leading country in Central & US$15.3bn price tag. The strategic move also South America by a wide margin (65 deals, solidified pulp and paper producer Suzano as US$18,415), an increase versus totals from Q1 the largest Brazilian agribusiness company. 2017. By comparison, Chile placed second The Suzano/Fibria deal pushed Industrials by value with 11 deals worth US$3.6bn, a total & Chemicals into the top spot for Q1 by value driven almost entirely by the aforementioned (24 deals, US$15.8bn) and helped Central & Enel Chile deal. Argentina placed third with 10 South America’s domestic deal value to climb deals worth US$1.2bn after landing two deals 504.1% versus Q1 2017. Beyond the growth in the quarter’s top 10. The first, in January, in domestic M&A, however, inbound and saw Zurich Insurance Group acquiring the outbound values witnessed declines of 40.3% Latin America operations for QBE Insurance and 85.7% respectively compared to the first Group for US$409m. And then, in February, quarter of last year. Mexican oil and gas company Pampa Energia

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 21 C&S America

Top Financial Advisor Bank of America 129 deals Merrill Lynch valued at US$26.4bn, up 87.3% by value with 24 fewer deals compared to 153 deals worth US$14.1bn in Q1 2017. ranked first with 6 deals worth US$16.9bn, up 6,025% in value with 4 more deals compared to 2 deals worth US$276m in Q1 2017.

Top Legal Advisor

Top Sector Tozzini Freire Teixeira Industrials & Chemicals e Silva Advogados saw 24 deals valued at US$15.8bn, up 495.3% by value ranked first with 5 deals worth US$15.9bn, up on the same number of deals worth US$2.6bn in Q1 2017. 602.2% in value with 4 fewer deals compared to 9 deals worth US$2.3bn in Q1 2017.

Mergermarket.commergermarket.com Mergermarket Monthly M&A Insider Q1 2018 22 C&S America

C&S America M&A trend C&S America Private equity trend

140 700 12 80

120 600 70 US$ 28.5 10

60 100 500

8

US$ 50 Number of deals 38 Number of deals 80 400 US$ US$ 25.4 42 US$ 6 40 20.4 US$ US$ Value (US$bn) Value 60 29.7 300 (US$bn) Value 10.5

US$ US$ US$ US$ 30 22.4 8.6 8.5 8.3 US$ 4 US$ 39.9 US$ US$ 7.5 40 30.1 24.9 200 US$ US$ 6.1 20 24.2 US$ US$ 5.3 21.4 US$ 4.4 US$ US$ 2 20 US$ 11.2 14.4 100 12.2 10 US$ US$ US$ US$ 24.8 26.4 US$ US$ US$ 1.9 US$ 17.8 US$ 14.9 1.3 1.3 11.2 14.1 US$ 0 0 0.6 0 0 2013 2014 2015 2016 2017 YTD 2018 2013 2014 2015 2016 2017 YTD 2018

Q1 value Q3 value Volume Buyout value Buyout volume Q2 value Q4 value Exit value Exit volume

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 23 C&S America

Regional Trends

Industrials & Chemicals Value: US$15.9bn Number of deals: 24 Market share: 60%

Energy Mining & Utilities Value: US$4.5bn Peru Argentina Number of deals: 15 Brazil Market share: 16.9% US$18.4bn US$1.2bn US$1.2bn 16 deals 10 deals Financial Services Value: US$1.3bn 65 deals 4.5% 4.6% Number of deals: 10 69.7% Market share: 4.9% Consumer Value: US$1.3bn Number of deals: 20 Market share: 4.9%

Technology Colombia Mexico Value: US$1.1bn US$454.7m Costa Rica US$904.5m Number of deals: 10 6 deals US$511.1m Chile 1.7% 14 deals Market share: 4.2% 2 deals 3.4% 1.9% US$3.7bn 11 deals Domestic US$21.5bn +504.1% 14% Inbound US$4.5bn -40.3% Outbound US$432m -85.7%

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 24 C&S America

Top deals

Top 10 Announced Deals for Q1 2018

Value (US$m) Deal details Advisor details

Announcement Target Bidder Dominant sector Sell-side Buy-side date

15,326 16-Mar-18 Fibria Celulose SA Suzano Papel e Celulose SA Industrials & Chemicals FA: Morgan Stanley FA: Banco Itaú BBA SA LA: Tozzini Freire Teixeira e Silva Advogados LA: Cescon, Barrieu, Flesch & Barreto Advogados

3,266 16-Feb-18 Enel Generación Chile (40.02% stake) Enel Chile SA Energy, Mining & Utilities FA: - FA: Mediobanca SpA LA: - LA: Carey y Cia; and Winston & Strawn

1,700 14-Feb-18 Wells Fargo & Company (Auto finance Banco Popular de Puerto Rico Financial Services FA: - FA: - business in Puerto Rico) LA: - LA: Sullivan & Cromwell

900 3-Jan-18 99 Taxis Desenvolvimento de Softwares Ltda Didi Chuxing Technology Co Ltd Internet/ecommerce FA: - FA: - (70% stake) LA: - LA: Barbosa, Mussnich & Aragao

583 26-Jan-18 Quicorp SA InRetail Peru Corp Retail FA: - FA: JP Morgan LA: - LA: Payet, Rey, Cauvi, Perez Abogados; and Skadden Arps Slate Meagher & Flom

492 29-Jan-18 Industria de Produtos Alimentos Piraque SA M Dias Branco SA Ind Com de Consumer FA: - FA: - Alimentos LA: - LA: Tozzini Freire Teixeira e Silva Advogados

409 25-Feb-18 QBE Insurance Group Limited (Latin America Zurich Insurance Group Ltd Financial Services FA: - FA: JPMorgan operations) LA: DLA Piper LA: Willkie Farr & Gallagher

360 16-Jan-18 Petrolera Entre Lomas SA (58.88% stake); Vista Oil & Gas SAB de CV Energy, Mining & Utilities FA: Citi FA: Evercore Entre Lomas, Bajada del Palo, Agua Amarga LA: - LA: Bruchou Fernandez Madero & Lombardi; Creel Garcia-Cuellar Aiza y oil blocks (3.85% stake); and Medanito SE and Enriquez SC; Latham & Watkins; and Simpson Thacher & Bartlett Jaguel de los Machos oil blocks (100% stake)

345 16-Jan-18 Casa Ley SA de CV (49% stake) Tenedora CL del Noroeste SA Consumer FA: - FA: - de CV LA: Jones Day; and Latham & Watkins LA: Creel Garcia-Cuellar Aiza y Enriquez SC; and Robles Miaja Abogados

316 18-Mar-18 Cosmos Agencia Maritima SAC DP World Limited Transportation FA: Bank of America Merrill Lynch FA: Deutsche Bank AG LA: Simpson Thacher & Bartlett LA: Cleary Gottlieb Steen & Hamilton

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 25 C&S America

League tables

Top 10 Financial Advisors - Value Top 10 Financial Advisors - Volume

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 2018 Q1 2017 Company name Value Deal count Value % Value Q1 2018 Q1 2017 Company name Value Deal count Deal count Deal count (USD m) (USD m) change (USD m) change

1 23 Bank of America Merrill Lynch 16,905 6 276 6,025.0% 1 1 Banco Itau BBA 16,268 7 9 -2

2 8 Banco Itau BBA 16,268 7 1,848 780.3% 2 19 Bank of America Merrill Lynch 16,905 6 2 4

3 1 Morgan Stanley 4,509 2 4,455 1.2% 3 11 Goldman Sachs & Co 1,570 5 3 2

4 - Mediobanca 3,266 1 - - 4 5 Lazard 1,282 5 6 -1

5 7 Goldman Sachs & Co 1,570 5 1,868 -16.0% 5 27 Rothschild 720 3 1 2

6 12 Lazard 1,282 5 625 105.1% 6 2 Banco BTG Pactual 293 3 8 -5

7 - JPMorgan 992 2 - - 7 40 EY 200 3 1 2

8 24 Rothschild 720 3 260 176.9% 8 20 Artica Invest - 3 2 1

9 51 Vinci Partners 492 1 - - 9 4 Morgan Stanley 4,509 2 6 -4

10 - Laplace Financas 392 1 - - 10 - JPMorgan 992 2 0 2

Top 10 Legal Advisors - Value Top 10 Legal Advisors - Volume

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 2018 Q1 2017 Company name Value Deal count Value % Value Q1 2018 Q1 2017 Company name Value Deal count Deal count Deal count (USD m) (USD m) change (USD m) change

1 8 Tozzini Freire Teixeira e Silva Advogados 15,934 5 2,269 602.2% 1 1 Mattos Filho, Veiga Filho, Marrey Jr. e 15,535 9 10 -1 Quiroga Advogados 2 1 Mattos Filho, Veiga Filho, Marrey Jr. e 15,535 9 3,223 382.0% Quiroga Advogados 2 3 Pinheiro Neto Advogados 659 8 10 -2

3 - Cescon, Barrieu, Flesch & Barreto Advogados 15,530 6 - - 3 17 Philippi Prietocarrizosa, Ferrero DU & Uria 592 8 4 4

4 23 White & Case 15,326 3 609 2,416.6% 4 84 Creel Garcia-Cuellar Aiza y Enriquez SC 910 7 1 6

5 85 Carey y Cia 3,266 2 8 40,725.0% 5 33 DLA Piper 731 7 2 5

6 - Winston & Strawn 3,266 1 - - 6 - Cescon, Barrieu, Flesch & Barreto Advogados 15,530 6 0 6

7 45 Simpson Thacher & Bartlett 1,369 5 123 1,013.0% 7 5 Tozzini Freire Teixeira e Silva Advogados 15,934 5 9 -4

8 90 Barbosa, Mussnich & Aragao 1,000 4 - - 8 36 Simpson Thacher & Bartlett 1,369 5 2 3

9 74 Creel Garcia-Cuellar Aiza y Enriquez SC 910 7 17 5,252.9% 9 7 Demarest 410 5 6 -1

10 - Gunderson Dettmer Stough Villeneuve 900 1 - - 10 16 Lefosse Advogados 173 5 4 1 Franklin & Hachigian mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 26 Europe

An Acuris report on global M&A activity

Europe

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 27 Europe

Europe

Further information A number of large deals in March pushed the mega E.ON deal, this quarter’s EMU deal of the value come from within its borders. Get in touch or read more the otherwise lacking start of the year to value would be 57.7% lower than that of The contribution of the intra-European deals new heights, recording the third highest YTD the same period last year. The Industrials & towards the total is far greater than the deal value (1,409 deals, US$256.4bn) on Chemicals sector recorded 314 deals enabling average since 2012 (63%). The number of Frederik Pedersen Mergermarket record (since 2001). March US$44.9bn to exchange hands, resulting in intra-European deals accounted for 82.4% alone accounted for 58% of the total deal the sector recording the most deals in the of the total activity in the region. While this is value in Europe in the first quarter, while first three months of the year. a slight decrease from the previous quarter only taking up 25% of the deals (352 deals, (83.9%), it is slightly larger than the average As it was during the same period last year, US$148.7bn). The vast majority (75.1%) of the since 2012 (81.8%). the UK (266 deals, US$59.3bn) was the most value in March was seen from the top four targeted region in Europe by value, while deals in the region, which combined totalled Germany (180 deals, US$54.1bn) and Spain US$111.7bn. The deal count in the first quarter, (83 deals, US$53.5bn) were only around on the other hand, is the lowest since Q1 2013 10% behind with the assistance of the two (1,346 deals, US$136.3bn), nodding to the idea top deals in the region. As such, Germany that dealmakers are weary about finding the saw its second-best quarterly deal value on right target – but when it is found, they aren’t Mergermarket record, behind Q2 2017 (193 afraid to pay up for it. deals, US$63.1bn), as did Spain, which was The top deal in the region was that of E.ON, surpassed by Q2 2007 (86 deals, US$83.3bn). who agreed to acquire fellow German energy The three nations were the only territories to supplier Innogy for a deal value of US$46.7bn. exceed the US$20bn mark in the first quarter. The deal saw RWE sell their 76.8% majority While France saw a substantial decrease in stake for certain E.ON assets, while the deal value, recording US$7.7bn, it retained remaining shareholders were offered an offer its position of being the third most targeted price of €40 (US$49.2) per share. The deal country in Europe by deal count, only behind is the third largest energy deal in Europe Germany and the UK, which came first. on Mergermarket record, and the largest in In the first quarter, the majority of Europe’s Germany on record. deal count and value came from within the Due to the mega E.ON-Innogy deal, the Energy, European Union (1,161 deals, US$198.3bn). Mining & Utilities (EMU) sector recorded the The inequity between intra-European deals largest combined deal value by far (78 deals, and inbounds deals from outside Europe US$62.1bn). That is a substantial 2.3x increase is the largest by deal value since Q4 2012, from the same period last year, while last year when 80.5% of the deal value came from saw 41 more deals. Noteworthy is that without within Europe, while this quarter saw 77.3% mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 28 Europe

1,409 deals Top Financial Advisor JPMorgan valued at US$256.4bn, up 21.6% by value with 406 fewer deals compared to 1,815 ranked first with 27 deals worth US$144.3bn, deals worth US$211bn in Q1 2017. compared to 5 deals worth US$93.8bn in Q1 2017.

Top Legal Advisor Top Sector Freshfields Bruckhaus Energy, Mining Deringer & Utilities ranked first with 37 deals worth US$121.3bn, saw 78 deals valued at US$62.1bn, up 232% compared to 3 deals worth US$69.6bn in Q1 2017. by value with 41 fewer deals compared to 119 deals worth US$26.7bn in Q1 2017.

Mergermarket.commergermarket.com Mergermarket Monthly M&A Insider Q1 2018 29 Europe

Europe M&A trend Europe Private equity trend

1,000 8,000 200 1,600

900 180 7,000 1,400

800 US$ 213.8 US$ 196.2 160 6,000 US$ 1,200 292.3 700 US$ 140 272.2 5,000 1,000 600 US$ US$ Number of deals 186.3 Number of deals US$ 211.3 120 158 US$ 500 4,000 179.6 100 800 US$ US$ 177.5 US$ 184.5 Value (US$bn) Value Value (US$bn) Value 177 US$ US$ US$ 400 158.6 166.5 80 162.8 3,000 US$ US$ US$ 148.5 600 302.5 142.4 US$ US$ 137 310.5 US$ 300 126.4 US$ 60 262 US$ 198.2 2,000 US$ US$ US$ 400 201 96.7 200 91.5 40

US$ 1,000 256.4 200 100 US$ US$ US$ US$ 211 20 178.8 US$ 38.1 US$ 163.9 174.2 136.3 US$ 16.5 0 0 0 0 2013 2014 2015 2016 2017 YTD 2018 2013 2014 2015 2016 2017 YTD 2018

Q1 value Q3 value Volume Buyout value Buyout volume Q2 value Q4 value Exit value Exit volume

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 30 Europe

Regional Trends

Energy, Mining & Utilities Value: US$62.1bn Number of deals: 78 Market share: 24.2%

Industrials & Chemicals Netherlands Value: US$44.9bn United Kingdom US$16.2bn Spain Number of deals: 314 Market share: 17.5% US$59.3bn 101 deals US$53.5bn 6.3% 83 deals Construction 266 deals Value: US$40.6bn 20.8% Number of deals: 74 23.1% Market share: 15.8%

Telecommunications Value: US$21.4bn Number of deals: 13 Market share: 8.3%

Pharma, Medical & Biotech Germany Value: US$21.3bn Denmark Number of deals: 85 US$11.4bn US$54.1bn Market share: 8.3% 54 deals 180 deals 8.5% 21.1% Domestic US$198.3bn +42.7% Inbound US$58.2bn -19.2% Outbound US$55.8bn -45%

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 31 Europe

Top deals

Top 10 Announced Deals for Q1 2018

Value (US$m) Deal details Advisor details

Announcement Target Bidder Dominant sector Sell-side Buy-side date

46,646 12-Mar-18 Innogy SE E.ON SE Energy, Mining & Utilities FA: Goldman Sachs & Co; Bank of America Merrill Lynch; Citi; and Rothschild FA: BNP Paribas; and Perella Weinberg Partners LA: Hengeler Mueller; and Freshfields Bruckhaus Deringer LA: Linklaters (Advising FA: Allen & Overy; and Milbank Tweed Hadley & McCloy)

39,622 23-Mar-18 Abertis Infraestructuras SA Consortium formed by Construction FA: AZ Capital; Citi; Deutsche Bank; Morgan Stanley; JPMorgan; Key Capital FA: Bank of America Merrill Lynch; Credit Suisse; Goldman Sachs & Co; ACS SA, Atlantia SpA and Partners; KPMG; Lazard; and Societe Generale Mediobanca; PwC; and Santander Global Corporate Banking Hochtief AG LA: Garrigues; Legance Avvocati Associati; Uria Menendez LA: Allen & Overy; Baker McKenzie; BonelliErede; DLA Piper; Freshfields (Advising FA: Davis Polk & Wardwell); and Herbert Smith Freehills Bruckhaus Deringer; Gianni, Origoni, Grippo, Cappelli & Partners; Linklaters (Advising FA: Cleary Gottlieb Steen & Hamilton); and Clifford Chance

13,039 27-Mar-18 GlaxoSmithKline Consumer GlaxoSmithKline Plc Pharma, Medical & FA: Goldman Sachs & Co FA: Citi; Greenhill & Co; and JPMorgan Cazenove Healthcare (36.5% stake) Biotech LA: Freshfields Bruckhaus Deringer LA: Kirkland & Ellis; Slaughter and May; and Herbert Smith Freehills

12,535 27-Mar-18 Akzo Nobel NV (Specialty The Carlyle Group; and Industrials & Chemicals FA: HSBC; JPMorgan; and Lazard FA: - chemicals business) GIC Private Limited LA: De Brauw Blackstone Westbroek; Kirkland & Ellis; and Van Doorne LA: Latham & Watkins

12,101 17-Jan-18 GKN Plc Melrose Plc Industrials & Chemicals FA: Gleacher Shacklock; JPMorgan Cazenove; and UBS Investment Bank FA: RBC Capital Markets; and Rothschild LA: Slaughter and May LA: Clifford Chance; and Simpson Thacher & Bartlett (Advising FA: Linklaters)

10,480 12-Feb-18 TDC A/S DK Telekommunikation A/S Telecommunications FA: LionTree Advisors; and Morgan Stanley FA: Barclays; and Nordea LA: Kromann Reumert (Advising FA: DLA Piper) LA: Baker McKenzie; Bruun & Hjejle; Clifford Chance; and Plesner

6,234 9-Mar-18 GKN plc (Driveline Dana Incorporated Industrials & Chemicals FA: Gleacher Shacklock; JPMorgan Cazenove; and UBS Investment Bank FA: Barclays; Credit Suisse; and PJT Partners business) LA: Cravath, Swaine & Moore; and Slaughter and May LA: Macfarlanes; Paul Weiss Rifkind Wharton & Garrison; and Skadden Arps Slate Meagher & Flom

6,203 30-Jan-18 UBMG Holdings Informa PLC Media FA: Credit Suisse; and JPMorgan Cazenove FA: Bank of America Merrill Lynch; Barclays; Centerview Partners; and LA: Linklaters; and Ogier Rothschild LA: Clifford Chance; and Mourant Ozannes (Advising FA: Ashurst; and Freshfields Bruckhaus Deringer)

5,100 22-Jan-18 Patron Spirits International Bacardi Limited Consumer FA: - FA: Bank of America Merrill Lynch; Citi; and Lazard AG LA: Jones Day LA: Covington & Burling (Advising FA: Kirkland & Ellis)

4,694 22-Feb-18 Gas Natural Fenosa CVC Capital Partners Energy, Mining & Utilities FA: - FA: AZ Capital; Citi; Santander Global Corporate Banking; and Societe (20.07% stake) Limited; and Corporacion LA: Uria Menendez Generale Financiera Alba SA LA: Clifford Chance; Garrigues; Linklaters; Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados; and Perez-Llorca

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 32 Europe

League tables

Top 10 Financial Advisors - Value Top 10 Financial Advisors - Volume

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 2018 Q1 2017 Company name Value Deal count Value % Value Q1 2018 Q1 2017 Company name Value Deal count Deal count Deal count (USD m) (USD m) change (USD m) change

1 5 JPMorgan 144,265 27 93,751 54% 1 1 PwC 41,148 54 -25 79

2 1 Goldman Sachs & Co 136,559 29 130,911 4% 2 5 Rothschild 84,690 48 -5 53

3 3 Citi 133,211 25 111,765 19% 3 3 EY 2,510 46 -16 62

4 4 Bank of America Merrill Lynch 115,610 21 111,064 4% 4 4 Deloitte 1,528 46 -10 56

5 9 Rothschild 84,690 48 55,725 52% 5 2 KPMG 41,532 41 -34 75

6 2 Lazard 80,707 24 130,236 -38% 6 8 Goldman Sachs & Co 136,559 29 0 29

7 11 Morgan Stanley 80,344 19 47,400 70% 7 13 JPMorgan 144,265 27 5 22

8 10 Credit Suisse 64,701 11 47,710 36% 8 7 Citi 133,211 25 -6 31

9 12 BNP Paribas 52,145 6 39,220 33% 9 6 Lazard 80,707 24 -13 37

10 19 Societe Generale 49,016 6 12,880 281% 10 10 Bank of America Merrill Lynch 115,610 21 -3 24

Top 10 Legal Advisors - Value Top 10 Legal Advisors - Volume

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 2018 Q1 2017 Company name Value Deal count Value % Value Q1 2018 Q1 2017 Company name Value Deal count Deal count Deal count (USD m) (USD m) change (USD m) change

1 6 Freshfields Bruckhaus Deringer 121,282 37 69,648 74.1% 1 1 DLA Piper 52,797 50 -30 80

2 13 Linklaters 110,372 26 45,596 142.1% 2 5 Allen & Overy 100,339 44 -6 50

3 15 Clifford Chance 101,211 33 36,153 180.0% 3 2 CMS 6,994 41 -25 66

4 27 Allen & Overy 100,339 44 24,671 306.7% 4 11 Freshfields Bruckhaus Deringer 121,282 37 3 34

5 7 Herbert Smith Freehills 71,403 12 67,226 6.2% 5 3 Baker McKenzie 54,491 35 -27 62

6 11 Cleary Gottlieb Steen & Hamilton 59,823 7 56,661 5.6% 6 4 Clifford Chance 101,211 33 -19 52

7 44 Baker McKenzie 54,491 35 9,433 477.7% 7 13 Jones Day 8,916 27 -6 33

8 69 DLA Piper 52,797 50 3,498 1,409.3% 8 6 Linklaters 110,372 26 -21 47

9 4 Davis Polk & Wardwell 51,109 11 82,681 -38.2% 9 10 Hogan Lovells International 8,709 25 -11 36

10 8 Skadden Arps Slate Meagher & Flom 49,776 14 66,253 -24.9% 10 9 Latham & Watkins 18,285 24 -17 41

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 33 Middle East & Africa

An Acuris report on global M&A activity

Middle East & Africa

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 34 Middle East & Africa

Middle East & Africa

Further information M&A activity in the Middle East & Africa (MEA) steep increase from the US$79m spent across the list both in terms of value and volume. Get in touch or read more in the first three months of 2018 produced a three deals recorded in Q1 2017. Meanwhile, The aforementioned transactions, brokered total of 66 deals worth US$14.7bn, the highest following the continued political instability, by UAE’s Abu Dhabi National Oil Company, quarterly value since last year’s Q1 (119 deals, M&A targeting South Africa has cooled in one helped drive activity in this industry. The most Mohamed Rais US$29.4bn). This also represents the third of Africa’s most prolific economies as markets significant deal involved France’s Total acquiring consecutive quarter above the US$10bn mark await further reassurances. Just six deals stakes in the Lower Zakum and Umm Shaif and for the region. Relative to Q4 2017, MEA has amounting to US$177m were struck, the lowest Nasr fields (5% and 20% respectively) for a experienced a 22.6% increase in deal value quarterly value since Q1 2003 (US$61m). total consideration of US$1.4bn. Industrials & (from US$11.9bn) but with 47 fewer deals. Chemicals recorded the second highest deal Inbound activity contributed a total of count with nine, amounting to US$168m. Dealmaking in the UAE continues to improve, US$10bn spread across 39 deals. This is the reaching US$4.8bn spread across 11 deals third best start of the year in terms of value and positioning the country as the region’s since the financial crisis as well as the highest best performer in terms of value. This is largely since last Q1, when US$24bn was invested, attributable to the sale of small, non-controlling including Intel’s US$15bn takeover of Israeli stakes on its oil concessions. Specifically, five autonomous driving company Mobileye. US deals were struck for stakes ranging from 5% companies were the most active inbound to 20%, for a total of US$4.1bn. These figures acquirers, deploying US$3.2bn across six are already pushing the country’s value ahead deals, representing a 1.7x increase in value of the US$4.6bn achieved in 2017. from Q4 2017 (US$1.9bn) despite four fewer transactions. In terms of deal count, the UK Israel attracted the most deals (17) in the ranked first with nine deals worth US$1.1bn. region for Q1 2018, amounting to US$4.3bn. This a 2.8x decrease in value relative to Q1 Despite a turbulent start of the year in terms 2017 (US$3.1bn) with 18 fewer deals. This is of politics, dealmakers remain confident partly attributable to the decline in South in Israeli companies, especially the ones African M&A, which has been historically the engaged in technology, with the top deal UK’s preferred destination in the MEA region for the period (US$3.1bn) being struck by (there was US$1.1bn over nine deals recorded US-based KLA-Tencor to acquire electronic in 2016, prior to the political turmoil). components firm Orbotech. Relative to last Q4, Israel saw deal value double from In terms of sectors, Energy, Mining & Utilities US$2.2bn, despite six fewer deals. (EMU) continues to perform strongly. A total of 20 deals worth US$8.1bn were announced Egypt has also seen activity rise with five deals so far this year, placing EMU at the top of announced for US$994m, which represents a mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 35 Middle East & Africa

66 deals Top Financial Advisor Goldman Sachs & Co valued at US$14.7bn, down 50.1% by value with 53 fewer deals compared to 119 ranked first with 5 deals worth US$7.6bn, compared deals worth US$29.4bn in Q1 2017. to 3 deals worth US$15.6bn in Q1 2017.

Top Sector Top Legal Advisor Energy, Mining Shearman & Sterling ranked first with 6 deals worth US$5bn, compared & Utilities to 6 deals worth US$8.4bn in Q1 2017. saw 20 deals valued at US$8.1bn, up 27.9% by value with 7 fewer deals compared to 27 deals worth US$6.4bn in Q1 2017.

Mergermarket.commergermarket.com Mergermarket Monthly M&A Insider Q1 2018 36 Middle East & Africa

Middle East & Africa M&A trend Middle East & Africa Private equity trend

100 500 14 80

90 450 70 12

80 US$ 400 21.7 60 70 350 10

50 60 300 Number of deals Number of deals US$ US$ 8 15.5 12 US$ 50 34.8 250 US$ 40 24.5 US$ Value (US$bn) Value Value (US$bn) Value 11.6 US$ US$ 6 12.1 40 13.7 200 30 US$ US$ US$ 20.3 9.4 30 9.6 150 4 US$ 7.4 20 US$ US$ US$ 21.6 US$ US$ 20 6.1 24.6 100 6.7 5.8 US$ US$ US$ 19.3 US$ 4.8 US$ US$ 29.4 2 US$ US$ 4.7 9.4 3.9 3.8 3.9 10 10 50 US$ US$ US$ US$ 14.7 2.4 12.4 US$ US$ US$ 492m US$ 7.2 8.4 9.5 0 0 188m 0 0 2013 2014 2015 2016 2017 YTD 2018 2013 2014 2015 2016 2017 YTD 2018

Q1 value Q3 value Volume Buyout value Buyout volume Q2 value Q4 value Exit value Exit volume

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 37 Middle East & Africa

Regional Trends

Energy, Mining & Utilities Value: US$8.1bn Number of deals: 20 Market share: 55.5%

Technology United Arab Egypt Value: US$3.2bn US$994m Morocco Number of deals: 6 Market share: 21.5% Emirates 5 deals US$1.1bn 6.8% 2 deals Financial Services US$4.8bn Value: US$1.2bn 7.5% Number of deals: 6 11 deals Market share: 8.2%

33% Consumer Value: US$604m Number of deals: 7 Market share: 4.1%

Pharma, Medical & Biotech Israel Value: US$504m Oman Number of deals: 7 US$660m US$4.3bn Market share: 3.4% 1 deal 17 deals 4.5% 29.3% Domestic US$4.7bn -12.8% Inbound US$10bn -58.5% Outbound US$4.7bn -66.6%

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 38 Middle East & Africa

Top deals

Top 10 Announced Deals for Q1 2018

Value (US$m) Deal details Advisor details

Announcement Target Bidder Dominant sector Sell-side Buy-side date

3,101 19-Mar-18 Orbotech Ltd KLA-Tencor Corporation Technology FA: Barclays; and Goldman Sachs & Co FA: JPMorgan LA: Cravath, Swaine & Moore; Tulchinsky Stern & Company; LA: Meitar Liquornik Geva Leshem Tal; and Wilson Sonsini Goodrich and Sullivan & Cromwell (Advising FA: Barclays) & Rosati

1,450 18-Mar-18 Abu Dhabi National Oil Company (Lower Total SA Energy, Mining & Utilitities FA: - FA: - Zakum off-shore concession) (5% stake); LA: Shearman & Sterling LA: - and Abu Dhabi National Oil Company (Umm Shaif and Nasr fields) (20% stake)

1,050 8-Mar-18 Saham Finances SA (53.37% stake) Sanlam Ltd; and Santam Limited Financial Services FA: - FA: Investec LA: Allen & Overy LA: ENSafrica

934 11-Mar-18 Zohr oil field (10% stake) Mubadala Petroleum LLC Energy, Mining & Utilitities FA: - FA: - LA: - LA: Shearman & Sterling

875 11-Mar-18 Abu Dhabi National Oil Company (Lower Eni SpA Energy, Mining & Utilitities FA: - FA: - Zakum Off Shore Concession) (5% stake); LA: Shearman & Sterling LA: - and Abu Dhabi National Oil Company (Umm Shaif and Nasr fields) (10% stake)

798 29-Jan-18 Tamar field (7.5% stake); and Dalit field Tamar Petroleum Ltd Energy, Mining & Utilitities FA: Barclays; and Goldman Sachs & Co FA: - (7.5% stake) LA: - LA: -

660 5-Mar-18 Dalma Energy LLC (Omani and Saudi KCA Deutag Drilling Limited Energy, Mining & Utilitities FA: Goldman Sachs & Co FA: - Arabian businesses) LA: King & Spalding LA: Allen & Overy

600 10-Feb-18 Abu Dhabi National Oil Company (Lower ONGC Videsh Limited; Indian Oil Energy, Mining & Utilitities FA: - FA: Rothschild Zakum off-shore concession) (10% stake) Corporation (IOC); and Bharat LA: Shearman & Sterling LA: AZB & Partners PetroResources Limited

599 21-Mar-18 Abu Dhabi National Oil Company (Lower PetroChina Company Limited Energy, Mining & Utilitities FA: - FA: - Zakum off-shore concession) (10% stake) LA: Shearman & Sterling LA: -

572 21-Mar-18 Abu Dhabi National Oil Company (Umm PetroChina Company Limited Energy, Mining & Utilitities FA: - FA: - Shaif and Nasr fields) (10% stake) LA: Shearman & Sterling LA: -

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 39 Middle East & Africa

League tables

Top 10 Financial Advisors - Value Top 10 Financial Advisors - Volume

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 2018 Q1 2017 Company name Value Deal count Value % Value Q1 2018 Q1 2017 Company name Value Deal count Deal count Deal count (USD m) (USD m) change (USD m) change

1 3 Goldman Sachs & Co 7,598 5 15,572 -51.2% 1 10 Goldman Sachs & Co 7,598 5 2 3

2 26 Barclays 3,899 2 171 2,180.1% 2 14 JPMorgan 3,812 4 2 2

3 14 JPMorgan 3,812 4 1,008 278.2% 3 2 Rothschild 1,352 4 6 -2

4 13 UBS Investment Bank 2,594 2 1,074 141.5% 4 29 Barclays 3,899 2 1 1

5 8 HSBC 2,502 1 1,847 35.5% 5 21 UBS Investment Bank 2,594 2 1 1

6 - Kempen & Co 1,727 1 - - 6 6 Bank of America Merrill Lynch 316 2 3 -1

7 2 Rothschild 1,352 4 15,579 -91.3% 7 36 Rand Merchant Bank 283 2 1 1

8 24 Investec 1,050 1 224 368.8% 8 5 KPMG 35 2 4 -2

9 5 Morgan Stanley 537 1 7,900 -93.2% 9 12 HSBC 2,502 1 2 -1

10 9 Lazard 497 1 1,692 -70.6% 10 - Kempen & Co 1,727 1 0 1

Top 10 Legal Advisors - Value Top 10 Legal Advisors - Volume

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 2018 Q1 2017 Company name Value Deal count Value % Value Q1 2018 Q1 2017 Company name Value Deal count Deal count Deal count (USD m) (USD m) change (USD m) change

1 8 Shearman & Sterling 5,030 6 8,414 -40.2% 1 2 Allen & Overy 2,630 7 9 -2

2 50 Meitar Liquornik Geva Leshem Tal 3,134 5 125 2,407.2% 2 7 Shearman & Sterling 5,030 6 6 0

3 55 Wilson Sonsini Goodrich & Rosati 3,125 2 105 2,876.2% 3 36 Freshfields Bruckhaus Deringer 2,720 6 2 4

4= 14 Cravath, Swaine & Moore 3,101 1 2,215 40.0% 4 32 Meitar Liquornik Geva Leshem Tal 3,134 5 2 3

4= 3 Sullivan & Cromwell 3,101 1 15,574 -80.1% 5 19 DLA Piper 491 3 3 0

4= 56 Tulchinsky Stern & Company 3,101 1 103 2,910.7% 6 - Slaughter and May 287 3 0 3

7 13 Clifford Chance 3,039 2 2,284 33.1% 7 63 Wilson Sonsini Goodrich & Rosati 3,125 2 1 1

8 71 Freshfields Bruckhaus Deringer 2,720 6 48 5,566.7% 8 27 Clifford Chance 3,039 2 2 0

9 18 Allen & Overy 2,630 7 2,013 30.7% 9 - Homburger 2,530 2 0 2

10 - Homburger 2,530 2 - - 10 4 Herzog, Fox and Neeman 1,736 2 8 -6

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 40 Asia-Pacific (excluding Japan)

An Acuris report on global M&A activity

Asia-Pacific (excluding Japan)

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 41 Asia-Pacific (excluding Japan)

Asia-Pacific (excluding Japan)

Further information Following the overall global trend, the M&A in the pipeline include Chinese clean energy Q1 on Mergermarket record (since 2001). Get in touch or read more activity in Asia-Pacific (excl. Japan) had a service provider Beijing Enterprises Clean Exit deals announced included the Seaspan positive start in 2018 compared to last year. Energy Group’s plan to acquire several liquefied Corporation’s acquisition of 89% of Greater The region witnessed 788 deals valued at natural gas (LNG) terminal projects in North China Intermodal Investments from Carlyle, Jasmine Wu US$149.2bn in the first quarter of 2018, up China for up to US$953.2m, according to Tiger Group Investments and The Washington 6.5% by value compared to Q1 2017 (861 Mergermarket intelligence. Companies for US$1.4bn. Meanwhile, private deals, US$140.1bn). The first quarter of the equity buyouts targeting Asia-Pacific (excl. Amy Wu Cross-border activity between Asia-Pacific year marked the second highest Q1 value on Japan) recorded 97 deals for US$24.3bn, up (excl. Japan) and other countries had a quiet Mergermarket record (since 2001), highlighting 37.1% by value with five fewer transactions start to the year. Inbound M&A registered Asia-Pacific’s optimistic attitude toward compared to Q1 2017. These figures reflect 128 deals totaling US$15.2bn, a decrease dealmaking. The region saw four transactions an ongoing increase in deal size in private of 8.1% by value compared to Q1 2017. This over US$5bn, the same as the first quarter in equity deals, with the average buyout in Q1 marked the lowest quarterly number of foreign 2017, including the acquisition of South Korea- 2018 reaching US$296.8m, the highest yearly investments since 2012 Q1. Among the entire based Hyundai Mobis’s module and A/S parts buyout average on Mergermarket record. Asia-Pacific (excl. Japan) region, Australia businesses by Hyundai Gloviis, the largest deal was the most attractive country to investors targeting the region so far this year. outside the region in terms of both deal value Much of the region’s M&A activity continued to and count. Australia recorded 36 inbound be driven by key sectors such as Industrials & transactions valued at US$6.4bn. The largest Chemicals and Energy, Mining & Utilities (EMU). inbound transaction in the first quarter was Industrials & Chemicals continued to be the Switzerland-based Glencore’s acquisition of most active sector in terms of both value and 82% of the Hail Creek coal mine and 71.2% deal count with 167 deals worth US$29.5bn, of the Valeria coal development project in accounting for 19.7% of overall deals in the Australia for US$1.7bn. Following the downturn region. The Automotive subsector was a in dealmaking activities, the region’s outbound standout performer with 12 deals valued at a investments also experienced a slowdown, total US$14.8bn, up 420.4% by value with seven declining 14% in Q1 2018 to US$16.8bn from fewer deals compared to Q1 2017, largely due to US$19.5bn in the same period last year. the US$3.7bn asset-swap of Chinese electric- On the other hand, private equity activity car manufacturer Beijing Electric Vehicle with in the region had a stellar first quarter. Exits Chengdu Qianfeng Electronics. With 63 deals in Q1 2018 soared to US$12.2bn, up 20.1% announced worth US$26.9bn, EMU was the compared to the same period in 2017. The second-place sector in terms of deal value, region’s exit value marked the second best down 6.2% compared to Q1 2017. EMU deals mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 42 Asia-Pacific (excluding Japan)

788 deals Top Financial Advisor CITIC Securities valued at US$149.2bn, up 6.5% by value with 73 fewer deals compared to 861 ranked first with 11 deals worth US$13.6bn, compared deals worth US$140.1bn in Q1 2017. to 10 deals worth US$10.1bn in Q1 2017.

Top Legal Advisor Top Sector Industrials & Chemicals King & Wood Mallesons ranked first with 23 deals worth US$17.4bn, compared saw 167 deals valued at US$29.5bn, up to 34 deals worth US$17.4bn in Q1 2017. 39.5% by value with 2 more deals compared to 165 deals worth US$21.1bn in Q1 2017.

Mergermarket.commergermarket.com Mergermarket Monthly M&A Insider Q1 2018 43 Asia-Pacific (excluding Japan)

Asia-Pacific (excluding Japan) M&A trend Asia-Pacific (excluding Japan) Private equity trend

900 4,000 140 500

800 450 3,500 120 US$ 295.4 400 700 3,000

100 350 600 US$ US$ 241 2,500 177.2 Number of deals Number of deals 300 US$ 500 US$ 80 172 157.5 2,000 250 US$ 400 128.8 Value (US$bn) Value Value (US$bn) Value US$ 172.9 US$ 60 US$ US$ 172.7 200 115.1 139.8 1,500 US$ 300 US$ 232.7 94.2 US$ 91.9 150 US$ 40 US$ 118.1 US$ 1,000 73.3 US$ 200 US$ 70.3 US$ 149.6 141.4 169.4 US$ 100 51.4 US$ US$ US$ 44.9 107.9 500 20 41.9 US$ 100 US$ US$ 30.6 34.1 196 US$ US$ US$ US$ 50 US$ 140.3 140.1 149.2 24.3 US$ 114.9 US$ 68.5 12.2 0 0 0 0 2013 2014 2015 2016 2017 YTD 2018 2013 2014 2015 2016 2017 YTD 2018

Q1 value Q3 value Volume Buyout value Buyout volume Q2 value Q4 value Exit value Exit volume

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 44 Asia-Pacific (excluding Japan)

Regional Trends

Industrials & Chemicals Value: US$29.5bn Number of deals: 167 Market share: 19.7%

Energy, Mining & Utilities Value: US$26.9bn China South Korea Number of deals: 63 US$77.2bn US$18.4bn Market share: 18% Real Estate 360 deals 73 deals Value: US$17.1bn India Number of deals: 43 51.7% 12.3% US$15.8bn Market share: 11.5% 82 deals Technology 10.6% Value: US$15.8bn Number of deals: 112 Market share: 10.5%

Hong Kong Consumer US$7.7bn Value: US$12.3bn 38 deals Number of deals: 69 5.1% Australia Market share: 8% US$17.8bn 110 deals 11.9% Domestic US$134bn +14.4% Inbound US$15.2bn -8.1% Outbound US$16.8bn -14%

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 45 Asia-Pacific (excluding Japan)

Top deals

Top 10 Announced Deals for Q1 2018

Value (US$m) Deal details Advisor details

Announcement Target Bidder Dominant sector Sell-side Buy-side date

8,750 28-Mar-18 Hyundai Mobis Co Ltd (Module and Hyundai Glovis Co Ltd Industrials & Chemicals FA: - FA: - A/S parts business) LA: - LA: -

6,632 20-Jan-18 Hindustan Petroleum Corporation Ltd Oil and Natural Gas Corporation Energy, Mining & Utilities FA: JM Financial FA: Citi; EY; and SBI Capital Markets (51.11% stake) Limited LA: AZB & Partners; and Cyril Amarchand Mangaldas LA: S&R Associates (Advising Citi); and Shardul Amarchand Mangaldas & Co

5,369 29-Jan-18 Dalian Wanda Commercial Properties Suning Commerce Group Co Ltd; Real Estate FA: - FA: - Co Ltd (14% stake) Tencent Holdings Ltd; Sunac China LA: - LA: Han Kun Law Offices; and Sidley Austin Holdings Limited; and JD.com Inc

5,033 10-Mar-18 Zhongtian Urban Development and Guiyang Jinshiqi Industrial Investment Real Estate FA: Haitong Securities FA: - Investment Group Company Limited Co Ltd LA: Grandway Law Offices LA: -

4,833 2-Mar-18 Snowy Hydro Limited (87% stake) Government of Australia Energy, Mining & Utilities FA: Deutsche Bank AG; and UBS Investment Bank FA: Lazard LA: Ashurst; and Herbert Smith Freehills LA: King & Wood Mallesons

4,364 1-Mar-18 GD Power Development Co Ltd GD Power Development Co Ltd/China Energy, Mining & Utilities FA: China International Capital Corporation Limited; CITIC Securities; FA: - (22 subsidiaries); and China Shenhua Energy Company Limited Goldman Sachs & Co; and Platinum Securities Company Limited LA: - Shenhua Energy Company Limited Joint Venture LA: Fangda Partners (Advising China International Capital Corporation (18 subsidiaries) Limited); JiaYuan Law Offices (Advising CITIC Securities); and King & Wood Mallesons

3,990 17-Jan-18 CJ E&M Corporation CJ O Shopping Co Ltd Media FA: - FA: - LA: Lee & Co LA: Shin & Kim

3,751 22-Jan-18 Beijing Electric Vehicle Co Ltd Chengdu Qianfeng Electronics Co Ltd Industrials & Chemicals FA: - FA: China Securities LA: - LA: King & Wood Mallesons

2,500 14-Feb-18 JD Logistics (18.6% stake) China Life Insurance Co Ltd; Tencent Transportation FA: China Renaissance Partners FA: Hina Group Holdings Ltd; China Merchants Group LA: Orrick Herrington & Sutcliffe LA: DLA Piper; and Fangda Partners Limited; ICBC International Holdings Limited; Sequoia Capital China; China Development Bank Capital Corporation Limited; Hillhouse Capital Management Ltd; and China Structural Reform Fund Co Ltd

2,250 27-Mar-18 Kestrel underground coal mine Adaro Energy Tbk PT; EMR Capital Energy, Mining & Utilities FA: - FA: Emindobiz; and Macquarie Group Limited (80% stake) LA: Allens LA: Allen & Overy; and Clayton Utz

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 46 Asia-Pacific (excluding Japan)

League tables

Top 10 Financial Advisors - Value Top 10 Financial Advisors - Volume

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 2018 Q1 2017 Company name Value Deal count Value % Value Q1 2018 Q1 2017 Company name Value Deal count Deal count Deal count (USD m) (USD m) change (USD m) change

1 15 CITIC Securities 13,576 11 10,113 34.2% 1 18 UBS Investment Bank 12,226 15 7 8

2 22 Citi 13,088 13 4,159 214.7% 2 2 KPMG 1,612 15 27 -12

3 3 UBS Investment Bank 12,226 15 19,039 -35.8% 3 12 Citi 13,088 13 9 4

4 27 Deutsche Bank 8,868 5 3,132 183.1% 4 7 Deloitte 1,368 13 13 0

5 23 EY 8,772 8 3,563 146.2% 5 4 Goldman Sachs & Co 5,378 12 20 -8

6 21 Lazard 8,248 8 4,401 87.4% 6 10 CITIC Securities 13,576 11 10 1

7 66 JM Financial 8,092 2 554 1,360.6% 7 9 Rothschild 3,205 11 10 1

8 - SBI Capital Markets 6,632 1 - - 8 15 Macquarie Group 2,757 9 8 1

9 17 JPMorgan 6,410 8 8,446 -24.1% 9 1 EY 8,772 8 28 -20

10 25 Haitong Securities 5,972 2 3,320 79.9% 10 23 Lazard 8,248 8 5 3

Top 10 Legal Advisors - Value Top 10 Legal Advisors - Volume

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 2018 Q1 2017 Company name Value Deal count Value % Value Q1 2018 Q1 2017 Company name Value Deal count Deal count Deal count (USD m) (USD m) change (USD m) change

1 1 King & Wood Mallesons 17,434 23 17,366 0.4% 1 1 King & Wood Mallesons 17,434 23 34 -11

2 6 AZB & Partners 12,821 22 14,682 -12.7% 2 7 AZB & Partners 12,821 22 16 6

3 27 Kim & Chang 11,800 14 4,996 136.2% 3 3 Herbert Smith Freehills 7,244 18 24 -6

4 2 Shardul Amarchand Mangaldas & Co 10,222 17 16,030 -36.2% 4 5 Shardul Amarchand Mangaldas & Co 10,222 17 18 -1

5 33 JunHe 7,922 10 3,416 131.9% 5 25 Khaitan & Co 995 16 12 4

6 73 Cyril Amarchand Mangaldas 7,324 9 833 779.2% 6 47 Jones Day 924 16 7 9

7 14 Herbert Smith Freehills 7,244 18 9,664 -25.0% 7 4 Kim & Chang 11,800 14 20 -6

8 42 JiaYuan Law Offices 6,746 7 2,117 218.7% 8 12 Fangda Partners 5,646 12 14 -2

9 10 S&R Associates 6,647 2 12,680 -47.6% 9 2 Baker McKenzie 3,277 12 25 -13

10 60 Haiwen & Partners 6,387 9 1,192 435.8% 10 8 Gilbert + Tobin 1,378 12 16 -4

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 47 Japan

An Acuris report on global M&A activity

Japan

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 48 Japan

Japan

Further information In Q1 2018, Japanese outbound activity representing a historical high on Mergermarket US-based eBay’s US$700m acquisition of Get in touch or read more saw US$18.8bn in M&A take place across record. Tech’s prominent performance indicates Giosis’ Japanese business is the top inbound 56 deals, up 27.2% by value compared to that Japanese investors are looking to seize deal so far this year. In contrast to the stagnant Q1 2017 (83 deals, US$14.7bn). This can be the opportunity brought by an increasingly inbound activity, Japan witnessed a rebound Yibei Xu attributed to several big-ticket transactions digitalized environment. The Consumer sector in domestic M&A, recording 95 transactions made by Japanese investors, with all of the also saw outbound growth, reaching US$1.8bn worth US$7.8bn, up 70.4% by value compared top 10 outbound deals passing US$500m in via five deals, up 8.4x the value in the same to Q1 2017 (113 deals, US$4.6bn). Danni Sun value. The largest deal saw Fujifilm acquire a quarter last year (five deals, US$191m). More Following a strong showing last year, private 50.1% stake in US-based document solutions investments from Japan are expected to fall in equity activity experienced a pullback in the provider Xerox for US$8.6bn, making it the the Consumer industry, especially in Southeast first quarter of 2018. A total of 11 buyouts were ninth largest Japanese outbound deal on Asia, according to Mergermarket intelligence. announced worth US$553m, which represents Mergermarket record (since 2001), following Yoshimura Food is among the potential movers, a 73.5% decrease by value with five more SoftBank’s US$9.25bn investment in Uber as it is currently seeking Japanese food- deals from the same period in 2017 (six deals, in Q4 2017. As a result, the US continued to related targets in neighboring countries such US$2.1bn). At the same time, Japan’s PE exits be the most targeted country by Japanese as Singapore. Baroque Japan is also in talks saw a sharp drop in both deal value and deal investors, with US$10.6bn changing hands to set up joint ventures to enter the Thai and count with a total value of US$798m over across 13 deals. On the other hand, the Philippines markets. five deals compared with Q1 2017 (13 deals, appetite of Japanese companies for deals in On the other hand, Japan-targeted M&A (104 US$2.8bn), largely driven by Innovation Network the Asian market continued to be prominent, deals, US$9bn) made 20 fewer deals yet the Corporation of Japan’s US$762m sale of a showing a third successive increase by deal value was on par compared to Q1 2017 (124 4.5% stake in Renesas Electronics Corporation. value. This quarter saw Japanese investors deals, US$8.9bn), pushed by the top deal of Despite the slow start, Japan’s PE activity is pursuing US$3.7bn worth of deals into the the quarter, Sekisui House Reit’s US$1.1bn expected to gain momentum during 2018, as rest of Asia, up 2.1x by value compared to a acquisition of Sekisui House Residential the reformation of the country’s corporate year earlier (23 deals, US$1.2bn) despite four Investment Corporation. As a result, Financial governance code could become a catalyst for fewer deals. Services ranked top in terms of deal value pushing through more buyout transactions, Technology has become the most preferable by registering 10 transactions worth a total according to Mergermarket intelligence. sector for Japanese dealmakers to invest US$3.2bn, achieving a 35.8% market share overseas, contributing US$12.4bn across and a 5.9x value increase compared to Q1 2017. 12 deals announced in Q1 2018. The sector Inbound M&A fell short in Q1 2018 despite has seen extraordinary growth by deal finishing strong in 2017. A total of nine inbound value, accounting for 66.2% of the total transactions were announced worth US$1.1bn, outbound value and nearly half of the annual down 73.8% by value on two fewer deals market share in 2017 (53 deals, US$27bn), compared to Q1 2017 (11 deals, US$4.4bn). mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 49 Japan

Top Financial Advisor 104 deals Nomura Holdings valued at US$9bn, up 0.3% by value with 20 fewer deals compared to 124 deals worth US$9bn in Q1 2017. ranked first with 17 deals worth US$13.4bn, compared to 13 deals worth US$1.6bn in Q1 2017.

Top Legal Advisor Top Sector Financial Services Morrison & Foerster ranked first with 5 deals worth US$11.7bn, compared saw 10 deals valued at US$3.2bn, up 585% to 6 deals worth US$11.8bn in Q1 2017. by value with 4 more deals compared to 6 deals worth US$469m in Q1 2017.

Mergermarket.commergermarket.com Mergermarket Monthly M&A Insider Q1 2018 50 Japan

Japan M&A trend Japan Private equity trend

80 500 18 60

70 16

50 400 14 60 US$ 35.3 US$ 15.2 12 40 50 300 Number of deals Number of deals

10

40 US$ 30 17.1 US$ 10.4 US$ Value (US$bn) Value Value (US$bn) Value 8 16.1 US$ 200 7.3 30 US$ US$ 21.6 US$ 9.4 6 US$ 20 4.8 US$ US$ 11.4 13.5 18.8 US$ 20 5.1 4 US$ US$ 100 7.7 15.2 US$ US$ US$ 9.1 US$ 6.5 10 10.8 5.3 10 US$ US$ US$ US$ 17.1 2 4.7 US$ 4 3.7 4.2 US$ US$ US$ US$ US$ US$ 2.6 US$ US$ 2.1 553m 8.1 7.1 9.1 9 9 US$ 0 0 798m 0 0 2013 2014 2015 2016 2017 YTD 2018 2013 2014 2015 2016 2017 YTD 2018

Q1 value Q3 value Volume Buyout value Buyout volume Q2 value Q4 value Exit value Exit volume

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 51 Japan

Regional Trends

Financial Services Value: US$3.2bn Number of deals: 10 Market share: 35.8%

Industrials & Chemicals Value: US$2.2bn Number of deals: 26 Market share: 24.2%

Technology Value: US$2.1bn Number of deals: 16 Market share: 22.9% Outbound Inbound Domestic US$1.1bn Consumer US$18.8bn US$7.8bn Value: US$471m -73.8% Number of deals: 19 +27.2% +70.4% Market share: 5.2%

Energy, Mining & Utilities Value: US$323m Number of deals: 4 Market share: 3.6%

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 52 Japan

Top deals

Top 10 Announced Deals for Q1 2018

Value (US$m) Deal details Advisor details

Announcement Target Bidder Dominant sector Sell-side Buy-side date

1,143 24-Jan-18 Sekisui House Residential Investment Sekisui House Reit Inc Financial Services FA: Mizuho Financial Group; and Sumitomo Mitsui Financial Group FA: Nomura Holdings Corporation LA: Morrison & Foerster LA: Anderson Mori & Tomotsune

1,117 20-Feb-18 Mitsubishi Motors Corporation Mitsubishi Corporation Industrials & Chemicals FA: Morgan Stanley FA: Sumitomo Mitsui Financial Group (10.76% stake) LA: Mori Hamada & Matsumoto LA: Nishimura & Asahi

990 2-Mar-18 MassMutual Life Insurance Company Nippon Life Insurance Company Financial Services FA: Nomura Holdings FA: Goldman Sachs & Co (85.1% stake) LA: Jones Day LA: Mori Hamada & Matsumoto

762 9-Mar-18 Renesas Electronics Corporation Denso Corporation Technology FA: Morgan Stanley FA: - (4.5% stake) LA: - LA: -

700 27-Feb-18 Giosis Pte Ltd (Japan business) eBay Inc Technology FA: - FA: - LA: - LA: Hogan Lovells International

535 23-Mar-18 The Hokuetsu Bank Ltd The Daishi Bank Ltd Financial Services FA: Daiwa Securities Group; and Mizuho Financial Group FA: Nomura Holdings LA: Mori Hamada & Matsumoto LA: Nishimura & Asahi

460 31-Jan-18 Fujitsu Connected Technologies Limited Polaris Capital Group Co Ltd Technology FA: Sumitomo Mitsui Financial Group FA: Nomura Holdings (70% stake); and Fujitsu Peripherals LA: - LA: - Limited (Mobile device business) (81% stake)

406 7-Feb-18 Toyo Kohan Co Ltd (52.47% stake) Toyo Seikan Group Holdings Ltd Industrials & Chemicals FA: Plutus Consulting; and Sumitomo Mitsui Financial Group FA: Daiwa Securities Group LA: Takai & Partners LA: Mori Hamada & Matsumoto

207 29-Jan-18 Asahi Fire & Marine Insurance Co Ltd Rakuten Inc Financial Services FA: GCA Corporation; and Nomura Holdings FA: Daiwa Securities Group; and Deloitte (98.63% stake) LA: Nakamura, Tsunoda & Matsumoto LA: -

194 26-Feb-18 Green Power Tsugaru GK Pattern Energy Group Inc Energy, Mining & Utilities FA: - FA: Evercore LA: - LA: Davis Polk & Wardwell

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 53 Japan

League tables

Top 10 Financial Advisors - Value Top 10 Financial Advisors - Volume

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 2018 Q1 2017 Company name Value Deal count Value % Value Q1 2018 Q1 2017 Company name Value Deal count Deal count Deal count (USD m) (USD m) change (USD m) change

1 10 Nomura Holdings 13,355 17 1,609 730.0% 1 3 Nomura Holdings 13,355 17 13 4

2 4 Morgan Stanley 11,122 4 8,353 33.1% 2 2 Sumitomo Mitsui Financial Group 3,644 13 15 -2

3 1 Goldman Sachs & Co 9,590 2 8,806 8.9% 3 1 Daiwa Securities Group 2,003 10 17 -7

4 - Centerview Partners 9,173 2 - - 4 6 Mizuho Financial Group 1,951 10 9 1

5 2 JPMorgan 3,707 4 8,593 -56.9% 5 12 Deloitte 255 5 4 1

6 6 Sumitomo Mitsui Financial Group 3,644 13 5,052 -27.9% 6 7 Morgan Stanley 11,122 4 6 -2

7 8 Daiwa Securities Group 2,003 10 2,480 -19.2% 7 14 JPMorgan 3,707 4 3 1

8 7 Mizuho Financial Group 1,951 10 3,523 -44.6% 8 16 KPMG 780 4 3 1

9 - UBS Investment Bank 1,765 3 - - 9 - UBS Investment Bank 1,765 3 - -

10 20 Rothschild 1,070 2 270 296.3% 10 13 Plutus Consulting Co 419 3 4 -1

Top 10 Legal Advisors - Value Top 10 Legal Advisors - Volume

Ranking Q1 2018 Q1 2017 Ranking Q1 2018 Q1 2017

Q1 2018 Q1 2017 Company name Value Deal count Value % Value Q1 2018 Q1 2017 Company name Value Deal count Deal count Deal count (USD m) (USD m) change (USD m) change

1 1 Morrison & Foerster 11,706 5 11,839 -1.1% 1 1 Nishimura & Asahi 2,779 14 19 -5

2 6 Davis Polk & Wardwell 9,479 4 6,657 42.4% 2 2 Mori Hamada & Matsumoto 3,062 8 18 -10

3= 2 Paul Weiss Rifkind Wharton & Garrison 8,600 1 8,193 5.0% 3 5 Anderson Mori & Tomotsune 1,292 6 10 -4

3= 4 Sullivan & Cromwell 8,600 1 8,039 7.0% 4 3 Nagashima Ohno & Tsunematsu 987 6 13 -7

5 34 Freshfields Bruckhaus Deringer 4,105 4 696 489.8% 5 6 Morrison & Foerster 11,706 5 6 -1

6 10 Mori Hamada & Matsumoto 3,062 8 3,771 -18.8% 6 19 Jones Day 1,321 5 3 2

7 12 Nishimura & Asahi 2,779 14 3,412 -18.6% 7 11 Davis Polk & Wardwell 9,479 4 4 0

8= - Haiwen & Partners 1,550 2 - - 8 23 Freshfields Bruckhaus Deringer 4,105 4 3 1

8= - JunHe 1,550 2 - - 9 37 Herbert Smith Freehills 884 3 2 1

8= 40 Slaughter and May 1,550 2 424 265.6% 10 14 White & Case 573 3 4 -1

mergermarket.com Mergermarket Monthly M&A Insider Q1 2018 54 League Tables

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Criteria Contacts

The following notes pertain to data contained Data underlying the League Tables are based Head of Research Global Advertising Opportunities in this publication: on deals where the bidder, target or parent Giovanni Amodeo Tom Davidson and Erik Wickman geography of either is that of the geography Aram Hovsepian [email protected] Deals are included where the deal value is Americas in focus. + (1) 212 686 3329 greater than or equal to US$5m. Lana Vilner US & Canada

Ryan Pasquale and Philip Segal Where no deal value has been disclosed, deals Mid-market is defined as US$10m - US$250m. Asia-Pacific are included if the turnover of the target is Gerry Tee Central & South America greater than or equal to US$10m. All data included is correct as of March 31, Ryan Pasquale and EMEA 2018. Jonathan DelCegno Kathleen Van Aerden Deals are included in the graphs and Top Europe Deals in each section based on thedominant For a full version of the Mergermarket M&A Frederik Pedersen geography and dominant sector of the deal database inclusion and league target company. table criteria, go to http://www.Mergermarket. Middle East & Africa com/pdf/deal_criteria.pdf. Mohamed Rais

Asia-Pacific (excluding Japan) Jasmine Wu and Amy Wu

Japan Yibei Xu and Danni Sun

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